Sharjah: United Arab Bank (UAB), a leading financial solutions provider, has launched Green Sustainable Finance products ahead of the COP28 conference in Dubai.
This move is in line with its strategy to support the UAE government’s initiatives on climate change.
The initiative, launched under Retail Banking, aims to support customers seeking home or auto finance products for purchasing sustainable residential properties or vehicles, including both electric and hybrid models.
Mr. Shirish Bhide, Chief Executive Officer of UAB, stated that, “The UAE government has introduced various strategic policies to meet the goal of achieving Net Zero by 2050. At UAB, we fully support environmental initiatives and we offer green finance product options to our customers.”
The bank will offer special rates and fee discounts in order to support its customers who are contributing to a greener future. Furthermore, UAB will honor each Green Sustainable Finance agreement with the planting of a tree or mangrove, symbolizing its dedication to environmental stewardship.
Mr. Bhide pointed out that, “As a responsible Bank, in UAB we are integrating sustainability into our products to address environmental, social, and governance concerns (ESG). Our ultimate commitment is to embed responsible business practices throughout our services.”
The main goal of UAB’s green initiative is to create awareness of climate change by highlighting the advantages of selecting electric or hybrid vehicles and green residential properties.
Mr. Emre Yalcin, Head of Retail Banking at UAB, remarked that, “We recognize that a growing number of our customers in the UAE are conscious about the environment and concerned about climate change. With our Green Sustainable Finance products, we are pleased to support our customers who are making environmentally responsible choices.”
“UAB will be extending special benefits for loans and mortgages related to eco-friendly residential properties and vehicles, such as electric or hybrid cars. UAB green sustainable products will make it more affordable for borrowers to invest in environment-friendly transportation and housing options,” Mr. Yalcin added.